Revenue from Cyprus' ship management industry continued its upward trend in the second half of 2022, reaching pound 648 million, up by 25.6% year on year. Throughout 2022, revenue from ship management amounted to pound 1.22 billion. According to the ship management survey compiled by the Central Bank of Cyprus, the industry's revenue in the second half of 2022 marked an increase of 12.9% compared with the first half of the year, showing that ship management continues on its recovery course following the disruption of the COVID-19 pandemic. 'This is the fourth consecutive increase in the total revenues of the industry, since the recovery of global trade from the COVID-19 pandemic and the associated decline in economic activity,' the CBC said. By country of payment, Germany remained the industry's biggest market with a 41% share of total revenues for the second half of 2022. Other notable share contributions during the same period include Greece (16%), Malta (5%), Switzerland (5%), the USA (4%) and Singapore (4%), manifesting the industry's globalised nature. With regard to ship management services, crew management services amounted to 49% followed by full management services with 47.1%, whereas technical management amounted to 3.9%. According to the CBC, Ship management expenses rose by 18.2% to pound 629 million, compared with pound 532 million in the first half of 2022, while the annual change amounted to 38%. The majority of the industry's spending with a share of 64% was channelled to crew expenses, followed by ship management expenses (e.g. spare parts, lubricants, dry-docking, etc.) with 31%, whereas administration expenses amounted to 5%. According to the report, 47% of crew expenses were directed to non-EU seafarers while 17% were EU crew earnings. 'Historically, the industry exhibits a relatively stable structure of expenses,' the CBC noted.
Source: Cyprus News Agency